Accelr8 to raise $14.4M, names new CEO

Accelr8 Technology Corp. (NYSE-A:AXK) plans to raise $14.4 million through the sale of 14 million shares at $1.03 to an investment group that includes the two co-founders of Crabtree Partners -- Jack Schuler and John Patience. The group will also receive 7 million warrants exercisable at $1.03 and 7 million warrants exercisable at $2. Larry Mehren, who is participating in the financing, will become Accelr8's CEO upon closing, which is expected by July 1. At Jan. 31, Accelr8 had $513,027 in cash, with 11.1 million shares outstanding and a six-month operating loss of $773,544. Accelr8, which is developing the BACcel rapid diagnostic system for infectious pathogens, gained $1.47 (141%) to $2.51 on Monday. ...